Beware the Changpeng Zhao Bitcoin “Promo Code” Giveaway Scams

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Written by: Thomas Orsolya

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Recently, cryptocurrency scammers have been spreading an elaborate con on TikTok centered around a fake Changpeng Zhao bitcoin giveaway promotion. By illegally impersonating the Binance CEO and displaying fraudulent promo codes, these fraudsters aim to deceive victims into handing over money and personal data.

This article will take an in-depth look at how this Changpeng Zhao bitcoin promo code scam works on TikTok, as well as providing advice on how to spot and avoid it. As cryptocurrency adoption grows, so too does crypto fraud – making awareness about these tactics critical.

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Overview of the Changpeng Zhao Bitcoin Promo Code Scam

Cryptocurrency scammers have been aggressively promoting fake Changpeng Zhao bitcoin giveaways on TikTok utilizing deceitful videos portraying the prominent Binance CEO announcing special promotional offers tied to unique coupon codes.

By fabricating endorsements without Zhao’s permission, displaying fraudulent verification badges, and linking to phony websites, these brazen fraudsters are able to manipulate and mislead unsuspecting TikTok users into relinquishing real money and personal data.

The scam videos utilize deepfake technology to accurately impersonate Changpeng Zhao’s likeness. They convincingly showcase Zhao announcing exclusive bitcoin or USDT bonuses available through Binance by using specialized promo codes supposedly valued at over $10,000.

Deceptive messages like “Changpeng Zhao Crypto Giveaway!”, “11,200 USDT Free Just Use This Code!” and “Binance Limited Time Offer – 0.5 Free Bitcoin” are accompanied by flashy graphics and urgent calls to take advantage of the offers.

After alluring viewers in with promises of free cryptocurrency, the videos direct users to external phishing websites that impersonate Binance’s branding and likeness. These fraudulent crypto investment platforms require users to open an account and enter sensitive personal data to collect their promised coins.

Once signed up, victims enter the promo codes shown in the TikTok videos, which soon reflect large balances of 11,200 USDT or 0.5 BTC suddenly credited to their account wallet. This tricks victims into believing Zhao has bestowed them with an impressive crypto reward.

However, when users attempt to withdraw the funds to an external wallet, that is when the bait and switch occurs. They are met with error messages stating additional identity verification is required before releasing the bonus, necessitating immediate minimum deposits of $500 worth of crypto.

Once victims comply and send over digital assets to the fraudulent platforms, the cyber criminals simply drain and pocket user funds before eventually blocking access to accounts and disappearing without a trace.

By leveraging a reputable public figure and promising free cryptocurrency on TikTok, these scams successfully deceive and financially devastate many young social media users.

Let’s examine exactly how this bitcoin giveaway scam unfolds across each phase of the carefully orchestrated operation targeting Changpeng Zhao and Binance’s digital reputation.

How the Changpeng Zhao Bitcoin Giveaway Scam Works on TikTok

Here is an inside look at how the key phases of the Changpeng Zhao bitcoin promo code scam plays out on TikTok:

1. Fake Celebrity Endorsement Video

A scam TikTok video appears showing Changpeng Zhao discussing an amazing opportunity to earn free bitcoin or USDT through Binance by using a special promo code. The code is displayed alongside persuasive messages intended to lure viewers.

2. Directing Users to Fake Websites

The video descriptions contain sketchy links leading users to fake crypto investment websites controlled by scammers falsely claiming affiliation with Changpeng Zhao and Binance.

3. Harvesting User Information

On the fraudulent sites, users must create an account by inputting sensitive personal data including their email address, phone number, ID documents and wallet keys – information harvested by the fraudsters.

4. Fake Codes Credited With a Cryptocurrency Balance

After creating an account, victims enter the promo code shown in the TikTok video, and soon see an impressive 11,200 USDT or 0.5 BTC balance reflected in their account wallet. This tricks them into believing they’ve received free crypto funds.

5. Demanding Deposits Before Withdrawal

But when users try to withdraw those funds to an external wallet, an error message appears stating they must first complete ID verification by depositing a minimum amount of $500 worth of cryptocurrency. This bait and switch tactic hooks victims into sending real money.

6. Blocking Access and Disappearance

Eventually, after pocketing user deposits, the scammers block site access, delete account history, drain digital wallets and disappear. Victims lose any crypto deposits they sent, on top of exposing sensitive personal information.

This sequence demonstrates how TikTok users are being systematically targeted and deceived by the fake Changpeng Zhao bitcoin promo code scam. Losses can quickly compound through gradual manipulation.

What to Do If You Are a Victim of This Scam

If you already provided personal information or cryptocurrency payments to the false Changpeng Zhao crypto platforms after viewing one of their TikTok videos, here are the recommended next steps:

  • Immediately Cease All Engagement – Do not send any additional money or data requested by the scammers. Cut off contact completely.
  • Alert TikTok – Report the offending scam accounts and videos to TikTok so they can be removed.
  • Notify Your Bank and Local Authorities – File a cybercrime report with details about the scam, fraudulent transactions, and any evidence you have.
  • Enhance Account Security – Change passwords, enable two-factor authentication and implement other security improvements.
  • Monitor Financial Accounts – Watch closely for any suspicious activity and check credit reports regularly for unauthorized accounts.
  • Seek Legal Counsel – Discuss potential civil recovery options with an attorney experienced in cryptocurrency fraud cases.
  • Share Your Experience to Warn Others – Post details about this scam across social media channels to help prevent further victims.

Though damages may seem irreversible, taking swift action gives victims the best chance of recovering losses and valuable personal data. Don’t let scammers intimidate you into remaining silent.

How to Spot Fake Changpeng Zhao Bitcoin Promos on TikTok

Here are some tips for identifying fraudulent Changpeng Zhao bitcoin giveaway promotions on TikTok:

  • Look for videos mentioning a Zhao crypto giveaway or bonus opportunity tied to Binance – Huge red flag signaling a scam attempt.
  • Promotional codes – Scammers utilize fake codes to appear more legitimate. But no actual codes are needed for real giveaways.
  • Account verification – Scam sites request excessive personal and financial data from users under the guise of “verification.”
  • Poor grammar/spelling – Scam websites and videos often have textual mistakes that a native English speaker wouldn’t make.
  • Comments disabled – Scammers block comments on TikTok videos to suppress skepticism and warnings.
  • Appeals to act fast – Creating false urgency and time limitations prompts victims into reckless actions without thinking.

Stay vigilant for these common attributes of crypto fraud when assessing TikTok videos involving Changpeng Zhao or improbable bitcoin opportunities. If something seems questionable, don’t click links or provide personal information to unverified entities.

FAQ About the Fake Changpeng Zhao TikTok Bitcoin Promo Code Scam

Videos promoting a fake Changpeng Zhao and Binance bitcoin giveaway are deceiving many TikTok users. Here are answers to common questions about spotting and avoiding this cryptocurrency scam.

What exactly is the Changpeng Zhao TikTok bitcoin scam?

The scam shows videos of Changpeng Zhao discussing a bitcoin giveaway tied to Binance and a special promo code. But they direct victims to fake sites to steal deposited funds and personal information.

How does the TikTok scam work using Changpeng Zhao’s likeness?

  1. A deepfake video shows Zhao announcing crypto bonus with a code
  2. Users click the link in the post caption to a phishing site
  3. Entering the code shows a large balance in the victim’s account
  4. Attempting to withdraw asks users to deposit $500+ in crypto first
  5. After depositing, scammers drain funds and disappear

Are the Changpeng Zhao bitcoin ads on TikTok legitimate?

No. Actual videos of Changpeng Zhao do not promote any bitcoin giveaways or bonus opportunities tied to Binance. These ads are fabricated by scammers using deepfakes.

What are some signs of the fake Changpeng Zhao bitcoin scam on TikTok?

Obvious red flags include promises of guaranteed profits, fake verification badges, urgency to act fast, phishing attempts for personal information, poor English grammar, low-quality scammy website links.

What should I do if I already provided info or money to one of these scams?

If you were victimized, immediately cease all engagement, enhance account security, report to authorities and TikTok, dispute transactions if possible, collect evidence, and consult an attorney regarding recovery litigation.

How can I avoid the fake Changpeng Zhao bitcoin promos on TikTok?

Don’t click questionable links or provide data to unverified sites. Verify real social media profiles. Use strong unique passwords and 2FA protections. Only use regulated cryptocurrency platforms. Apply skepticism to too-good-to-be true offers.

How can I recognize fake Zhao bitcoin videos on TikTok?

Assess visual quality, account details, grammar, urgency tactics, withdrawal limits, bonus sizes. Does it promise unrealistic profits? Do follower patterns seem inorganic? Then it’s assuredly a scam.

What should I do if I see a fake Changpeng Zhao bitcoin ad on TikTok?

Report it to TikTok immediately to try getting it removed. Comment warnings on the video itself informing others of the scam. Spread details of the con across your own social media to make more users aware.

Staying vigilant for red flags helps users steer clear of the Changpeng Zhao bitcoin promo code scam on TikTok. But awareness is the key to protecting our crypto community.

The Bottom Line

This Changpeng Zhao bitcoin promo code scam highlights the escalating threats users face as cryptocurrency adoption spreads across platforms like TikTok. By hijacking reputable identities, scammers easily manipulate even savvy individuals into relinquishing funds or data.

But through education on common tactics and warning signs, users can outsmart these fraudsters. Apply critical thinking before inputting data or sending money. Verify endorsement claims, authenticate links/profiles, enable account protections, and refrain from acting impulsively.

As cryptocurrencies enter the mainstream, we must work together as a community to increase awareness and rapidly flag suspicious activities for moderation. But preventing fraud starts with individuals practicing better cyber hygiene habits and skepticism. Don’t enable scammers to take advantage of you or others.

How to Stay Safe Online

Here are 10 basic security tips to help you avoid malware and protect your device:

  1. Use a good antivirus and keep it up-to-date.

    Shield Guide

    It's essential to use a good quality antivirus and keep it up-to-date to stay ahead of the latest cyber threats. We are huge fans of Malwarebytes Premium and use it on all of our devices, including Windows and Mac computers as well as our mobile devices. Malwarebytes sits beside your traditional antivirus, filling in any gaps in its defenses, and providing extra protection against sneakier security threats.

  2. Keep software and operating systems up-to-date.

    updates-guide

    Keep your operating system and apps up to date. Whenever an update is released for your device, download and install it right away. These updates often include security fixes, vulnerability patches, and other necessary maintenance.

  3. Be careful when installing programs and apps.

    install guide

    Pay close attention to installation screens and license agreements when installing software. Custom or advanced installation options will often disclose any third-party software that is also being installed. Take great care in every stage of the process and make sure you know what it is you're agreeing to before you click "Next."

  4. Install an ad blocker.

    Ad Blocker

    Use a browser-based content blocker, like AdGuard. Content blockers help stop malicious ads, Trojans, phishing, and other undesirable content that an antivirus product alone may not stop.

  5. Be careful what you download.

    Trojan Horse

    A top goal of cybercriminals is to trick you into downloading malware—programs or apps that carry malware or try to steal information. This malware can be disguised as an app: anything from a popular game to something that checks traffic or the weather.

  6. Be alert for people trying to trick you.

    warning sign

    Whether it's your email, phone, messenger, or other applications, always be alert and on guard for someone trying to trick you into clicking on links or replying to messages. Remember that it's easy to spoof phone numbers, so a familiar name or number doesn't make messages more trustworthy.

  7. Back up your data.

    backup sign

    Back up your data frequently and check that your backup data can be restored. You can do this manually on an external HDD/USB stick, or automatically using backup software. This is also the best way to counter ransomware. Never connect the backup drive to a computer if you suspect that the computer is infected with malware.

  8. Choose strong passwords.

    lock sign

    Use strong and unique passwords for each of your accounts. Avoid using personal information or easily guessable words in your passwords. Enable two-factor authentication (2FA) on your accounts whenever possible.

  9. Be careful where you click.

    cursor sign

    Be cautious when clicking on links or downloading attachments from unknown sources. These could potentially contain malware or phishing scams.

  10. Don't use pirated software.

    Shady Guide

    Avoid using Peer-to-Peer (P2P) file-sharing programs, keygens, cracks, and other pirated software that can often compromise your data, privacy, or both.

To avoid potential dangers on the internet, it's important to follow these 10 basic safety rules. By doing so, you can protect yourself from many of the unpleasant surprises that can arise when using the web.

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